Until next time - stay awesome.
Ouch!
I guess we can count out getting that ‘save draft’ feature added until 2020.
That is... if Steemit ends up lasting that long.
Now now, before we get a little bent out of shape let’s acknowledge a few things here.
Steemit is an experimental business model that lives and dies by the price of its token.
This is an unfortunate reality, but as they have no advertisement backed cash flow system
they have to pay their staff in cryptocurrency. If the price falls too far, paying staff depletes
Crypto reserves.
Steemit relies on a speculation driven digital ecosystem which punishes just as much as it
rewards.
Steemit are pioneers and to deny that I think is an insult to this entire space,
but to think that status makes them immune to the tidal forces of the market is a dangerous
self deception.
We must pay close attention to what is happening; 70% is not a small number. That is not
something we should ignore, if anything, this is a shot-across-the-bow, the wake up call the
space has desperately needed.
What happens now?
Well… now we get to see this new business model handles its first real test.
Will it survive, will it die?
It’s my personal belief that if this had happened later in Steemit’s development cycle
such a drop would have been enough to collapse the entire service.
In my opinion, the fact that 2018 has brutalized the entire space into the bloody pulp that it is
an incredible benefit to us.
In the past month the entire space has lost over half of its entire market cap, and a 70% layoff
from a single company is the worst that we have heard - I’d say we got off easy.
Or maybe this space is young enough not to effect us that much.
If that’s the case, other crypto startups better pay attention. They better prepare for the
wildest ride of their lives.
Only the brave enter this space, and only the strong survive.
Besides, there are many capital raising ventures yet to be explored.
Will Steemit and STEEM emerge as one of the first true giants of the new alternative media,
Having weathered the storm?
My gut says yes.
Linked with this is Steemit’s press release which sets a sensible and mature tone to the
situation, I do suggest giving it a read. They’re not done, they’re not out of the game.
In the long term this will be seen as a time of learning.
We’re here to stay!
https://www.ccn.com/crypto-cooldown-forces-steemit-to-lay-off-70-of-employees/
https://steemit.com/steem/@ned/2fajh9-steemit-update